Permitting Update

RNS Number : 3678R

TomCo Energy PLC

11 September 2014

 



11 September 2014

TomCo Energy plc

("TomCo" or the "Company")

Permitting Update

TomCo Energy plc (AIM: TOM), the oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce an update in relation to the permitting of its Holliday Block, Utah in the United States.

HIGHLIGHTS:

·    Final details required by the Utah Division of Oil, Gas and Mining ("DOGM") concerning TomCo's Notice of Intention to Commence Large Mining Operations ("LMO") were submitted by the Company on 10 September 2014;

·    Ground Water Discharge Permit ("GWDP") application is progressing with final submission expected during Q4 2014; and

·    Mining at Red Leaf Resources Inc. ("Red Leaf") commercial demonstration project is progressing.

In January 2014, the Company submitted its LMO application to DOGM. Following ongoing discussions between the Company's primary consultants, Lowham Walsh LLC ("Lowham Walsh"), the final details required by DOGM were submitted yesterday. DOGM are now in a position to consider making a decision to tentatively approve TomCo's LMO and request a 30-day public comment period. The Company anticipates being able to provide a further update on the LMO in the near future.

In February 2014, the Company submitted its GWDP application to the Utah Division of Water Quality ("DWQ"). DWQ has indicated that it requires additional information on 14 points, of which two will require some additional work by the Company and Lowham Walsh. TomCo expects to be in a position to submit these details to DWQ during the fourth quarter and a further update will be provided in due course.

TomCo's technology supplier, Red Leaf, is progressing with the commercial demonstration project, using its EcoShale™ In-Capsule Process, at its Seep Ridge Project, 15 miles west of TomCo's Holliday Block. The initial mining is nearing completion, with construction of the capsule to follow. TomCo intends to closely follow the precedent set by Red Leaf which is expected to demonstrate the commerciality of the EcoShale™ In-Capsule Process.

CEO Paul Rankine commented: "TomCo is pleased with ongoing progress in relation to its LMO and GWDP applications. Furthermore, the Company is also encouraged by progress at Red Leaf's nearby Seep Ridge Project as it develops its commercial demonstration plant."

Enquiries:

For further information, please visit www.tomcoenergy.uk.comor contact:

TomCo Energy plc
Paul Rankine, CEO / Miikka Haromo, CFO	Tel: [phone]
Fox-Davies Capital Ltd (Nomad & Broker)
Jonathan Evans	Tel: [phone]
Tavistock Communications (Financial PR &IR) Ed Portman / Jos Simson	Tel: [phone]

Notes to Editors:

TomCo Energy plc (AIM: TOM) is a London based, AIM-listed company, with substantial Oil Shale assets in Utah, USA.

TomCo holds a 100% interest in two Oil Shale leases, comprising 5 blocks covering 2,919 acres in Uintah County, Utah. Independent natural resources consultants SRK Consultants Ltd, part of the internationally recognised SRK Group, has declared a surface mineable JORC compliant Measured Resource of 126 million barrels on the main tract of TomCo's Holliday Block lease.

The Company has entered into a licence agreement with Red Leaf Resources Inc ("Red Leaf") for the use of their EcoShale™ In-Capsule Process, a proven and environmentally sensitive technology, to extract Oil from TomCo's leases.

Additionally, Red Leaf is planning a 9,800 bopd commercial operation at their Seep Ridge site, which lies about 15 miles SW of TomCo's Holliday Block lease.

Led by a highly experienced management team, TomCo's strategy is to develop the Holliday Block lease as a similar follow-on project to Seep Ridge using the EcoShale™ In-Capsule Process, with the same targeted production of 9,800 bopd.

Glossary:

bopd: barrels of oil per day

JORC Code: The mineral resource classification code devised by the Australasian Joint Ore Reserves Committee

 

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